Region forecasts 990 new affordable homes in 2022 Building Better Futures Update

Waterloo Region – Significant progress continues on the Region’s Building Better Futures plan, with 990 total new homes forecast in 2022. Of the 990 units, 837 are in development. Approximately 141 of these homes will be supportive homes.

As one part of the strategy, the Region is reviewing its land portfolio and determining how surplus Region-owned lands can be optimized for affordable housing projects. 

Three Regionally-owned surplus land sites were approved in late April for future affordable housing developments. These sites include 1388 Highland Road West, Kitchener; 41 Westhill Drive, Waterloo; and 30 Lauris Avenue, Cambridge. Together, they will provide an estimated 119 affordable units and have contributed to the 990 total new homes in the 2022 forecast.

The Region of Waterloo is investing $150 million in housing in 2022 to support residents who face the greatest barriers, build more affordable homes and improve shelter capacity. Building Better Futures commits to creating 2,500 new homes over the next five years. For more information on the plan, visit https://www.regionofwaterloo.ca/en/living-here/affordable-housing-plan.aspx

Quotes:

“Every new affordable unit moves us closer to our ambitious vision of making housing affordable for all. We know that communities thrive when everyone has a place to call home. In our Building Better Futures plan, we have set the aggressive target of creating 500 new affordable units every year, up from 50 new units a year. We are making good progress towards this goal with the dedication of staff teams and the support of the community.”

-        Regional Chair, Karen Redman

“We are seeing continued success in advancing on our Building Better Futures goal as more projects come online in 2022. The project at 416 Kingscourt is a good example of the type of housing we are looking to create. It will provide 73 new mixed-income affordable apartment units in a modern six-storey building within walking distance to the ION LRT system. We are committed to creating housing that is appropriate and affordable to meet the rising demands in Waterloo Region.”

-        Councillor Elizabeth Clarke, Chair of Community Services Committee

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